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The concept of Peak Oil is being buried in North Dakota, argues Citigroup (.pdf), with finds...

The concept of Peak Oil is being buried in North Dakota, argues Citigroup (.pdf), with finds there leading the U.S. to be the "fastest growing oil producer in the world." A decade of supply being unable to meet optimistic forecasts is coming to an end at the same time that demand declines.
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Comments (8)
  • Gary Jakacky
    , contributor
    Comments (2552) | Send Message
     
    We've gone from Peak Oil to, PEEK! oil! Hopefully frackophobes will pay higher prices for their fossil fuels than states that embrace this new technology, enabling envirowhackism to come full circle.
    17 Feb 2012, 11:19 AM Reply Like
  • gcrain
    , contributor
    Comments (68) | Send Message
     
    The sky is falling, the sky is falling !

     

    The Frackophobe Envirowhacko P.A.C.
    17 Feb 2012, 02:30 PM Reply Like
  • Rhianni32
    , contributor
    Comments (2039) | Send Message
     
    So "we are going to run out of oil" is being replaced with "we will NEVER run out of oil"?
    17 Feb 2012, 02:38 PM Reply Like
  • spiffy1
    , contributor
    Comments (72) | Send Message
     
    New oil sources are harder and harder to find. So now previously economically non-viable sources are tapped due to better technology, the cost to extract is higher, thereby effecting the economics, making oil more and more expensive.

     

    All evidence demonstrates that peak oil production is here, despite a few random up-ticks. Just because you don't believe in something doesn't mean its not true, such as peak pil and climate change. Are you coming from a point of view of actual understanding of the data and research done by many experts (and no, "expert" is not a bad word), or your own gut reaction and political viewpoint?
    18 Feb 2012, 04:30 PM Reply Like
  • Cincinnatus
    , contributor
    Comments (3653) | Send Message
     
    Quite the opposite. New oil sources are getting easier to find. There's nothing wrong with peak oil theory, as long as one realizes we'll never know the peak until long after it occurs. For now however we've explored so little of the Earth's crust, and technology advances continue to expand our exploration and production capabilities, such that only blind fanatics predict peak oil. The current crop of peak oil theologians are Luddites rejecting technological advances, and are unable to accept that technology marches onward without them.
    20 Feb 2012, 11:51 AM Reply Like
  • spiffy1
    , contributor
    Comments (72) | Send Message
     
    Flat out wrong on multiple counts. The peak of oil discovery was 1968. Current new "finds" are merely previously known reserves that were not economically viable given old technology, or smaller discoveries as compared to past, but now due to new technology and increased oil prices are economical to develop. And of course one can easily predict a peak by simple observation of known reserves versus projected consumption, which gives an estimate of about 55 years of oil remaining, in other words we are past the peak and on the downhill slide. Further, I would also point out that the Saudis have recently cut back production. This is likely because they want to stretch out production from their over mature oil fields, so as to get the maximum profit.

     

    You are probably coming from some dogmatic right wing viewpoint instead of simple observation of known facts. I sure hope you don't apply the same "logic" to your portfolio. Feel free to have the last word. Cheers!
    26 Feb 2012, 02:42 PM Reply Like
  • Cincinnatus
    , contributor
    Comments (3653) | Send Message
     
    Keep the faith spiffy (nice handle). Actually 1968 is about the time I first heard a doofus spout off on when peak oil would occur, which as I recall was within the next decade. Too bad the number of fools predicting peak oil is X years away never seems to peak.
    26 Feb 2012, 05:54 PM Reply Like
  • Cusa Cantusa
    , contributor
    Comments (28) | Send Message
     
    If you haven't studied the works of Matthew Simmons and Prof. Kenneth S. Deffeyes, then you lack factual basis on this subject. You should not believe everything you think.
    20 Feb 2012, 08:17 AM Reply Like
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